Can you pass this 6-question tax quiz? Most Americans can’t

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How much do you know about taxes? To be fair, the U.S. tax code is extremely complex, but there are some things all Americans should know, such as how a tax extension works and the deadline for deductible IRA contributions. With that in mind, here’s a quick six-question tax quiz that most Americans wouldn’t score too highly on.

The questions

  1. True or false? If you file for a tax extension, you can delay the due date of your payment.
  2. True or false? Contributions to a 529 college savings plan are tax deductible on federal income taxes.
  3. What is the deadline to make a tax-deductible contribution to a traditional IRA for your 2016 taxes?
  4. Are gambling losses tax deductible on federal income taxes?
  5. True or false? Mileage driven for volunteer work is tax deductible.
  6. True or false? You can adjust your federal tax withholdings any time of the year.

Read More for the answers!